thyssenkrupp: loses place on German blue chip stock index
(CercleFinance.com) - thyssenkrupp has lost its spot in the DAX index, as the German industrial group is struggling to find a new direction.
Deutsche Börse said on Wednesday that thyssenkrupp will be replaced in the 30-stock blue chip index by aircraft engine maker MTU Aero Engines before trading on 23 September.
Surprisingly, thyssenkrupp's stock rose 2.3% following the announcement, while the MTU share was flat.
thyssenkrupp has scrapped plans to split into two independent companies this year, and will instead propose an IPO of its elevator business.
The move came after it had became clear that the planned joint venture of its European steel activities with those of Tata Steel will not go ahead, due to the European Commission's continuing concerns.
Hit by multiple profit warnings, the stock has fallen nearly 25% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Deutsche Börse said on Wednesday that thyssenkrupp will be replaced in the 30-stock blue chip index by aircraft engine maker MTU Aero Engines before trading on 23 September.
Surprisingly, thyssenkrupp's stock rose 2.3% following the announcement, while the MTU share was flat.
thyssenkrupp has scrapped plans to split into two independent companies this year, and will instead propose an IPO of its elevator business.
The move came after it had became clear that the planned joint venture of its European steel activities with those of Tata Steel will not go ahead, due to the European Commission's continuing concerns.
Hit by multiple profit warnings, the stock has fallen nearly 25% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.